401k balance topped $300k yesterday!

[ducky19]

I was hoping to cross that threshold last year, but then the bottom fell out of the market for a bit. I've had some good growth YTD, and getting the full company match of 6% plus my 15%. Employer also does an annual contribution vs. a pension contribution, so that was an additional $6k. Roth and HSA have had me over $300k for most of last year, but it was nice to see it all in one account. Next stop is $500k net worth (including homes)! We should hit that in just a couple of months, sitting around $486k as of today. Exciting!

[FIREball567]

Congrats OP. The next 100k is always faster than the last.


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[Engineer93]

How old are you?  Wondering how long it took to get to 300k.  Also, is 15% maxing your 401k?

[Full Beard]

That's a nice round number!  Way to go!!

[better late]

Yes!!! Way to Go!!!

[ducky19]

Thanks everyone!

Congrats OP. The next 100k is always faster than the last.

Here's hoping!

How old are you?  Wondering how long it took to get to 300k.  Also, is 15% maxing your 401k?

I'm 44 years old, I've been contributing to my 401k since I started working here 13 years ago. Prior to that, I worked for smaller companies and wasn't at all concerned about saving in general, let alone retirement. I started 13 years ago making around $35k/year, have worked my way up over that time. Current salary is $111k/year, but have only been making that kind of money for the past 4-5 years. I've only maxed my 401k a total of 2 of those 13 years to date, but plan to max it out from here on out, as well as max the Roth. Yes, 15% along with contribution from my bonus will max it out.

ETA: Have only recently had access to a high deductible plan, but have maxed the HSA out for the past 2 years and will again this year. Currently have $325k total between HSA, 401k, and Roth.

[Glenstache]

Congrats, it also sounds like your financial situation is improving such that that next 100k will be much easier. Steady is the name of the game.

[Retireatee1]

Congrats!  You are behind Fidelity's recommendation of 6X income by age 45, but keep salting away.

[ducky19]

Congrats!  You are behind Fidelity's recommendation of 6X income by age 45, but keep salting away.

Thanks! I am behind that recommendation if you just look at current salary, but if you look at my average salary over the past 15 years I am nearly spot on. I have been saving a large portion of current salary, so should get caught up to their recommendation for it fairly soon!

[Zamboni]

Whoo hoo!

[Glenstache]

Congrats!  You are behind Fidelity's recommendation of 6X income by age 45, but keep salting away.

What is the basis for Fidelity's 6x income milepost? The best ref I see is: https://www.fidelity.com/viewpoints/retirement/retirement-guidelines

That says 10x current income by age 67, which also assumes a SS input. They also recommend putting in 15% of income over course of working life. This seems to put a lot of weight on SS, and not meet the 4% rule.

[Retireatee1]

Congrats!  You are behind Fidelity's recommendation of 6X income by age 45, but keep salting away.

What is the basis for Fidelity's 6x income milepost? The best ref I see is: https://www.fidelity.com/viewpoints/retirement/retirement-guidelines

That says 10x current income by age 67, which also assumes a SS input. They also recommend putting in 15% of income over course of working life. This seems to put a lot of weight on SS, and not meet the 4% rule.

"Our guideline is to limit withdrawals to 4% to 5% of your initial retirement savings"

So it's in the zone.  The biggest issue I have with this type of recommendation is that it projects your expenses based strictly on your income, which might be reasonable in many cases but might be too conservative for the LBYM types.  You really need to do a bit more legwork than multiplying by 10 to put a responsible retirement plan together.  But, as a simple yardstick it has some merit.